From Gravitational Waves to Venture Capital
Some investors chase trends. Others, like Ankit Anand, build the patience and precision to spot what doesn't yet exist. On this episode of Business Unmasked, host Anupama sits down with Anand, Managing Partner at Riceberg Ventures, to unpack how a former physics teacher and gravitational wave researcher ended up backing deep-tech founders at the earliest, riskiest stages of their journey.
Anand's path defies the standard Silicon Valley playbook. He started by teaching physics in Patna, then pursued research on gravitational waves—one of the most abstract and demanding fields in modern science. That foundation in rigorous inquiry would later prove unexpectedly valuable when he transitioned into building a medical technology company and, eventually, into venture capital. The throughline is scientific thinking: a willingness to sit with uncertainty, interrogate assumptions, and evaluate evidence before the market has rendered its verdict.
Deep tech presents a unique challenge for investors. By definition, these companies are commercializing scientific or engineering breakthroughs where the market may not yet exist, where timelines stretch longer than software startups, and where technical risk often outweighs commercial risk. Anand argues that this environment demands a different kind of due diligence—one rooted in first principles rather than pattern-matching against past successes.
Scientific thinking isn't just about understanding the technology—it's about structuring your uncertainty and knowing what would prove you wrong.
Building Ecosystems, Not Just Portfolios
One of Anand's central convictions is that deep tech cannot thrive in isolation. The episode explores why the most promising breakthroughs often stall—not for lack of brilliant researchers, but for lack of bridges between the institutions that generate knowledge and the systems that can deploy it. Universities produce fundamental discoveries. Industry understands market needs and regulatory pathways. Investors provide capital and strategic guidance. But too often, these three worlds operate in silos.
Anand makes the case that venture capitalists in this space have a responsibility that extends beyond writing checks. They must actively knit together these disconnected ecosystems, helping researchers understand what it takes to build a company, helping industry identify emerging capabilities, and helping founders navigate terrain that neither academia nor traditional business prepares them for. The best deep-tech investors, in his view, function as translators and connectors as much as financiers.
This ecosystem-building philosophy also shapes how Riceberg Ventures sources deals. Rather than waiting for pitch decks to arrive, Anand and his team actively mine research publications, cultivate relationships with technical experts, and maintain global networks that can surface promising work before it becomes widely known. In deep tech, the best opportunities are often invisible to investors who rely on conventional deal flow.
Evaluating What Doesn't Exist Yet
How do you price something the market has never seen? Anand approaches this through two lenses: first principles reasoning and value-based pricing. First principles means stripping a technology down to its fundamental truths—what it actually does, what physics or biology it relies upon, what assumptions must hold for it to work—rather than reasoning by analogy to existing companies.
Value-based pricing, meanwhile, requires understanding not what the technology costs to make, but what problem it solves and how much that solution is worth to the customer. This distinction matters enormously in deep tech, where early production costs may be high and where conventional cost-plus pricing would kill a venture before it reaches scale.
Anand also applies a rigorous test to any potential investment: is this solution demonstrably faster, cheaper, or safer than existing alternatives? Deep-tech founders often fall in love with their own technical elegance. The disciplined investor must constantly push against this tendency, asking not whether something is impressive, but whether it is useful—and whether that usefulness justifies the capital and time required to bring it to market.
The best founders don't need your money—they need a reason to choose you. Your value is what you bring beyond the check.
The Human Side of Hard Tech
For all his emphasis on scientific rigor, Anand returns repeatedly to the human dimensions of venture capital. Talented deep-tech founders, he notes, have options. They can pursue academic careers, join established companies, or increasingly, choose from a growing field of specialized investors. Winning their trust requires more than competitive terms—it requires demonstrating genuine understanding of their technology, respect for the complexity of their journey, and a willingness to support them through the inevitable setbacks that scientific commercialization entails.
This relationship-building imperative creates a tension that Anand doesn't shy away from: investors must be genuinely available to founders while protecting their own time and energy. Deep-tech investing is not a volume business. The companies require intensive support, the timelines are long, and the emotional demands are significant. Sustainable practice requires setting boundaries even while cultivating closeness.
Key Takeaways for Founders
1. First principles thinking cuts through hype. When evaluating new technology, strip away analogies and ask what fundamentally must be true for this to work. This discipline protects against both founder optimism and investor FOMO.
2. Your solution must pass the faster-cheaper-safer test. Technical elegance alone doesn't justify investment. Be prepared to demonstrate clear superiority against existing alternatives on at least one of these dimensions.
3. Deep-tech ecosystems need active weaving. Founders should seek investors who connect them to universities, industry partners, and technical experts—not just those who provide capital.
4. Choose investors for what they bring beyond money. The best founders have options. Evaluate potential investors on their understanding of your technology, their network, and their track record through difficult moments.
